Medtronic sees sales grow by 5% over quarter

Medtronic, the medical technology company poised to buy the Dublin-based Covidien plc and move here for tax purposes, said its quarterly sales grew 5% as demand rose for its pacemakers and aortic valves. 

Net income for the three months ended July 25 fell to $871m, or 87 cents a share, from $953m, or 93 cents, a year earlier, the Minneapolis-based company said in a statement yesterday.

Profit, excluding one-time items, beat by 1 cent the 92 cents average of 19 analyst estimates compiled by Bloomberg, while revenue grew to $4.27bn.